Zillow Rates Elk Grove Real Estate Market as Hot, Very Hot

In its most recent monthly rating of real estate activity, Seattle-based Zillow has rated one of Elk Grove's zip codes as hot and the other two as very hot.

For the period ending June 30, zip code 95624, which is east of Highway 99, was rated as Hot and 95757 and 95758, which lie between Highway 99 and Interstate 5 as Very Hot.

Zip code 95624, is reported to have a median home value of $398,100 and in terms of resale activity is rated hot. This is a change from the last report ending May 31 which rated the area as cool.

According to Zillow, home values in this 95624 are up 8.8-percent over the last 12 months and are expected to increase 5.0-percent over the next 12 months. Any market rated above hot is considered to be a sellers' market.

While the rural and older portions of Elk Grove in the 95624 moved into the hot classification, the city's two other zip codes - 95757 and 95758 are rated as very hot. In zip code 95757, which was ranked as warm for the period ending May 31, median prices were listed as $436,400 with a price growth of 7.7-percent over the last 12 months and an expected increase of 4.6-percent over the next 12 months.

The City's third zip code, 95758 continued to be rated very hot with a median price of $361,000 and with a 10.7-percent price increase in the last 12 month reporting period. Over the next 12 months, housing prices in this area are expected to increase 5.7-percent.

In all three Elk Grove zip codes, housing prices have steadily increased since bottoming out in May 2012. Over the next 12 months, all three zip codes are forecast to reach pre-Great Recession prices.

Price per square foot for the three areas are $206 in 95758, $188 in 95757, and 95624 reports $198. The three zip code average price per square foot in Elk Grove is $197.